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Your Life

Your Life

Major life milestones often have a major tax impact. Changes in your marital status, having a baby or adopting a child can have significant impact on your taxes. This is the place to ask questions about dependents, real estate, and other various scenarios that play a significant role in what taxes you pay.

MODIFICATION OF BUSINESS REGISTRATION IN ONTARIO

My name is Tommy Hickey. I am running a grocery store and meat shop in Ontario. My friend from Paris (Iven Bourque) visited the store last week. He would like to join me for a business partnership. I too find it comfortable.

Now, I am in a situation to update the registration. Can we change the business structure from sole proprietorship to partnership? How to proceed with a change or modification to my business registration information? What is the procedure? Which all documents should be submitted for this? Waiting for some helpful replies. Your suggestions will definitely help me to find a path through. Thank you in advance!

Re: MODIFICATION OF BUSINESS REGISTRATION IN ONTARIO

I'm not sure exactly how you would go about changing your business structure in Canada, but I'm sure it's probably similar to what you would have to do in the United States.

In most of the fifty states you would have to change your registration at the state level to a partnership. If your company was registered under a fictitious name you could keep it that way, but you would have to add your partner's information to the registration. At the federal level you would have to apply for a new EIN as a partnership as well and have your partner's information ready to report. In addition, you also must have a partnership agreement on file with your registrations.

Again, I'm sure it's similar in Canada. The best person to ask would be the department of corporations' office or the equivalent government office in Ontario.

Re: MODIFICATION OF BUSINESS REGISTRATION IN ONTARIO

Thank you for the feedback, Mr. Louis. This really cleared my confusion. I have been trying to wrap my head around all these. Can you help me find details regarding the documents needed for forwarding this request?

One way to make the change is to cancel your existing registration and file a new one as a partnership, but they said there's a way to change it without cancelling as well although I haven't figured that out yet. You might have to create an account on the website to get to where you can make the changes (it's supposed to be free although there might be a fee for the actual change to the business registration).